ITC recapture phase-out for Ontario HST begins soon

06 May 2015

Changes are coming for large businesses, generally businesses with taxable and zero-rated revenues that exceed the $10 million threshold during their last fiscal year. These businesses have been required to recapture input tax credits (ITCs) claimed in respect of the provincial part of the Ontario HST paid or payable on specified property and services. Starting July 1, 2015, the recapture rate in Ontario will start to be phased out.